Debt, despite how essential it is for many American families trying to afford college, can be in and of itself the cause for quite a bit of stress. When you factor in the further difficulty students are having finding employment after graduation, and loan management companies that can be less than forthcoming with information that could ease your repayment burdens, the tension only grows. Wouldn't it be great if there was a trick or a quick fix to help get…
Student loans are big business. Collecting defaulted student loan money is becoming an even bigger business. An Overview The federal government works with student loan servicing companies to collect on outstanding student loans. It’s these companies that deal with students once the student loan papers are signed and payments finally come due. When borrowers default, the U.S. Department of Education’s debt collectors come knocking. The federal government has given these debt collectors immense power, unlike anything an ordinary debt collector can…
Unbeknownst to many who are struggling to pay for college, the current loopholes in the Parent Plus Loan rules allow some families to receive full forgiveness on a boatload of college debt. It’s not a viable strategy for everyone, it’s not a recommendation by any means, and there is quite a bit of controversy surrounding it, but there is a way to banish the bills from your Parent Plus Loan for good. But should you? Parent Plus Loans –…
What is the Real Cost of 2 Extra Years of College? If you have started the college search process, chances are you have probably wondered what percentage of students graduate in four years. Although these statistics could explain how effectively universities help their students complete their degrees, admissions offices will only provide you with the number of students completing their degrees in 6 years! For any family budgeting for a 4-year degree, an extra two years of college could be…
Who wouldn't love a chance to work a job that pays off student loans? The Peace Corps offers federal loan forgiveness, plus a whole world of other benefits. Graduating with a mountain of debt has become a tradition in our country. Thanks in part to easy access to low-interest college loans over the past 25 years, we've become a nation of debtors. But for anyone who took out loans under the William D. Ford Federal Direct Loan (Direct Loan) Program, there's hope…
My College Planning Team's Financial Aid Team presents five of the most common student loan mistakes. https://www.youtube.com/watch?v=QqXP7WTrDmk Need Help Paying for College? My College Planning Team's Financial Team can assist you with identifying the best methods to use to fund your student's college education. Contact our team for more information or click here to schedule a free consultation. My College Planning Team Serves the Following Chicagoland Areas: Arlington Heights · Aurora ⋅ Barrington ⋅ Bartlett ⋅ Batavia ⋅ Bloomington ⋅ Bolingbrook ⋅ Buffalo Grove · Carol Stream ⋅ Carpentersville · Clarendon Hills…
Federal student loans are some of the most forgiving and debtor-friendly loans that you are likely to come across. In spite (or arguably because) of this, student loan repayment has declined considerably over the years. In an effort to combat the problem, the Federal government has instituted plans to make repayment even easier. Student Loan Forgiveness Program PAYE In an attempt to curtail the rise of borrowers failing to repay their loans, the Federal Government created student loan forgiveness programs to aid and incentivize borrowers…
Most families know that student loan debt has reached a crisis point. Families also know that an alarming number of students (especially those with graduate degrees) are carrying debt balances in excess of $100,000. Unable to find suitable employment, many are being forced to live with their parents as they struggle to meet their large monthly loan payments. This has created a growing industry of student loan scammers who are promising students that they can have their loans discharged, forgiven, or taken out of default.…
It took a long time for the very generous forgiveness provisions included in the president’s 2010 Pay-As-You-Earn (PAYE) student loan program to finally get noticed by the general public. A full three years after launching the program, there were still only a handful of American families who knew about its existence. It’s hard to imagine a program that allowed a $40,000-a-year social worker with a $100,000 student loan debt to pay less than $200 a month for ten years and then have the entire loan balance…
Often parents tell me they want their students to graduate from college debt-free because they are aware of the large debt burden many students are carrying these days. These same parents, especially those who also don’t expect their children to get campus jobs, are also seriously underfunding their retirement accounts. Prioritizing your retirement funding over college funding doesn’t make you a bad parent. Many years from now your children will actually thank you for it when they don’t have to…